Bitmine Immersion Technologies [BMNR] added 8,573 ETH to its treasury last week, buying at $2,261 per token for a total of nearly $20 million. The purchase brings the company's total Ethereum stash to 6,060,506 ETH, according to the source.
That amount represents 4.9% of Ethereum's 122.2 million supply. Bitmine has been working toward a 5% target for about 15 months and is now roughly 50,000 ETH short of that goal.
Consistent Weekly Buying
According to Chairman Tom Lee, Bitmine has purchased ETH every single week since starting its treasury strategy in June 2025. The source describes Bitmine's track record of consistent crypto buying as unmatched by any public company.
Most of the ETH is actively deployed: around 5.23 million tokens, or 86% of the stack, are staked, worth about $11.8 billion. At full scale, the company expects staking rewards of about $415 million per year. Including cash, Bitcoin [BTC], and other holdings, Bitmine's total holdings come to $14.5 billion.
Lee Comments on Binance Hack
Lee also addressed Binance's recent $6.3 billion hack, which the FBI has blamed on North Korea. Comparing it to the Bybit hack of 2025, he said, "We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size…"
BMNR Stock Movement
BMNR stock was at $21.90 on November 4, having started the day at $20.50—a jump of nearly 7% in a few hours, with a high just above $22.20.
The stock's recent path has not been smooth. On November 2, it slid to about $19.45 before bouncing, then spent most of November 3 between $20.30 and $20.80.
On the 5-minute chart, the RSI was above 80 during the run and has since slowed to 68.5. The MACD was above the Signal Line at press time, but the green bars were shrinking—suggesting buyers might still be in charge, though not clearly so.
Key Takeaways
- Bitmine bought 8,573 ETH last week at $2,261 per token.
- Holdings now total 6,060,506 ETH, or 4.9% of total supply.
- 86% of the stack is staked, worth about $11.8 billion.
- BMNR stock rose nearly 7% in a few hours on November 4.
